Japanese steelmakers consider anti-takeover measures

Japanese steelmakers Nippon Steel Corp (NSC), Sumitomo Metal Industries Ltd (SMI) and Kobe Steel Ltd announced plans to jointly consider measures against hostile takeover bids. NSC, SMI and Kobe Steel will consider how they should cooperate if one of them becomes the target of a takeover bid. Anti-takeover measures to be considered are expected to include a friendly takeover bid by the two others for the targeted firm. NSC holds a 5.01 percent stake in SMI and a 2.05 percent stake in Kobe Steel while SMI owns a 1.81 percent stake in NSC and a 2.05 percent in Kobe Steel. Kobe Steel holds a 0.41 percent stake in NSC and a 1.71 percent stake in SMI.